Question

Use the probability axioms and their consequences on probabilities of events to answer each of the following. (a) (5 points) Bob believes there is a 50% chance it will rain. He also believes that there is an 80% chance that it will rain and his basement will be flooded. Are these subjective probabilities consistent with the axioms and theorems of probability? Answer YES or NO and explain. (b) (5 points) Suppose 50% of visitors to a museum visit the Chagall exhibit and that 20% visit the Monet exhibit. For a randomly-selected visitor to the museum, the probability that he/she visited exactly one exhibit is at least: A. .3 B. .8 C. .5 D. .7

Answer 1

Ans(a) No, these subjectives probability do not consistent with the axioms of probability